Co-op Bank Everyday Rewards

NoodleDoodleMan

The Ts & Cs stipulate that you must have a minimum of four Direct Debits per month as well as the £800 minumum pay in to qualify for the £4 monthly bonus.

Does anybody know if one DD to one external account taken weekly meets the frequency condition ?

Or does it have to be four different DDs per month ?

Also - if a DD is pulled only once annually, does this meet the criteria, or does it have to be monthly ?

I had forgotten that 'er indoors had a garden centre membership which is on a one off yearly DD.

ceredigion

Round and round we go

NoodleDoodleMan

That's helpful.

A yes or no to the question ?

ceredigion

Didn't mean to sound evasive. This question has been asked and answered on several threads recently . The answer is known and has been for years.
If you compare the criteria for the switching incentive and that for the reward , note the difference and work it out .

NoodleDoodleMan

I'm not interested in the switching incentive - just the DD criteria.

anna42hmr

From the a& a section of coop site

What is Everyday Rewards?
Everyday Rewards is a scheme that you can opt into at no extra cost if you hold an eligible Co-operative Bank current account, which rewards you for your Everyday Banking Behaviours. With Everyday Rewards you get rewarded provided you do the following things with your nominated current account each month:
pay in a minimum of £800 to the nominated account (transfers from other Co-operative Bank, Britannia and smile accounts do not count)
stay in credit or within any agreed overdraft limit on the nominated account
log in to Online Banking or the Mobile Banking App at least once during the month
opt into Paperless statements
pay out at least four Direct Debits from the nominated account.
If you meet all of the qualifying criteria, you will be rewarded £4 Account Rewards.
Plus, if you have met the qualifying criteria, you could earn up to an additional £1.50, simply by using your debit card to pay for things. You’ll earn a 5p Reward every time you do, up to a maximum of £1.50 a month.

NoodleDoodleMan

responding to this

pay out at least four Direct Debits from the nominated account.

Good Morning Anna, the question is this - can a DD to one external account paid weekly meet the mnimum conditions for 4 DDs per month.

There will be a odd month or two where such a DD is pulled five times, however that's irrelevant if 4 meets the criteria.

surreysaver

NoodleDoodleMan wrote: »

Does anybody know if one DD to one external account taken weekly meets the frequency condition ?

The answer is yes. Also with this account, any transactions I make for less than a fiver I use this debit card rather than a 0% credit card, as the 5p cashback is then equivalent to 1% or more cashback.

IanManc

When I had the Co-op current account I paid out four different direct debits each month and got the reward. Then I closed a credit card but paid out a Tesco direct debit twice in the month instead, so there were still four payments. The reward wasn't paid for that month, so I contacted Co-op Bank and was told that it was because I hadn't paid out four different direct debits.

I didn't think that the conditions made that clear, so I closed the account during the following month.

When I posted the information I'd been given on here as correct I was accused of spreading "fake news". However, there's a clear consensus among posters that the four direct debits needn't be different for a reward to be paid and so what I was told was wrong. I suppose I could complain about it but it is now a long time ago and I really can't be bothered for four quid.

NoodleDoodleMan

Thanks to the last two contributors - that is helpful.

Sam_J

Does anybody know if one DD to one external account taken weekly meets the frequency condition ?

No, it does not meet the conditions.

Or does it have to be four different DDs per month ?

Correct, it has to be four different DDs. The DDs can all be to the same account, but must be four separately set up DDs, not the same DD four times.

Also - if a DD is pulled only once annually, does this meet the criteria, or does it have to be monthly ?

Annually will not satisfy the conditions. The DD has to be drawn during a calendar month to count for that calendar month.

The way I satisfy the conditions is by having four separate direct debits set up on my single Tesco saver account that draw £1 each on the 15th of each month. This works just fine for the moment - although Tesco are removing the option of funding their savings accounts by direct debit next year.